Stocks And Silver Soar On China PMI Miss

Headlines will suggest that today's rally was due to the beat in US PMI (a data item that doesn't even rank on Bloomberg's scale of economic importance) and chose to ignore the misses (macro and micro) in everything else (which must be weather-related), the facts are different - it was simply an AUDJPY-inspired almost perfect correlation levitation from the post-China-PMI miss lows - more China QE to come. Having decoupled from USDJPY overnight, today's melt-up in stocks recoupled the all-important fun-durr-mental pair and lifted the Russell 2000 back to unchanged for 2014. With OPEX tomorrow, VIX was noisy and remains bearishly divergent from stocks (though was offered today). Credit markets lifted with stocks. Treasury yields rose back to modestly higher on the week. Gold and silver rose on the day starting from the China PMI miss (as did the USD with most of the majors losing ground against it). US Macro hits fresh 6-month lows.

AUDJPY ruled the day...Spot the Difference (what's the forward P/E of AUDJPY?)

And USDJPY and S&P 500 recoupled...

As The Russell 2000 reached all the way back up to unchanged for 2014

Russell and Nasdaq cash are up 7.3% off the early Feb lows...

US Treasuries sold off today - back to modestly higher in yield on the week...though the afterenoon saw buying come back in even as stocks rose...

Gold and silver rose non-stop following the China PMI miss...

Today was all about hope of more liquidity from the China PMI miss...

Of course, Goldman proclaiming last night That the FOMC minutes were not hawkish probably helped to pump this idiocy.

What everyone was talking about though was FB buying WhatsApp - not every day you blow $16bn and add a few bn market cap... notice that today's VWAP close was almost exactly yeaterday's close - makes u wonder if the machines were running the show higher for the big boys to get out?

Charts: Bloomberg

Bonus Chart: US Macro is a mess...

Bonus Bonus Chart: NKY and USDJPY not playing well with each other again...

After being in silver and gold for the last couple years you should have rough leather balls and a whisky soaked baritone voice by now. Just sit back and take the long term view. That's what fonestar would do.

Did the internet exist because they allowed it to? Of course not, it would exist either way.

fonestar cannot fathom how you give these thugs and criminals credit for all of this imaginary brilliance and omnipotence? They're child molesters and shit-eating satanists. Not chess masters, nuclear physicists or engineers.

the fact that bitcoins are transmitted via the internet guarantees its demise.

*

The fact that it traveled the internet and made by NSA, and the internet made by DOD-US-MIL, guarantees that the US-MIL controls the worlds economy, should BTC have succeeded, but as seen CIA/NSA/MOSSAD got BITFUCKED.

But I agree with you, if BTC had of gained traction the NSA could have pruned the block-chain any time they wish and control everybody on the planet.

That gawd for Tower of Babel, ... the reality of man is that he is weak and fragile. That all he creates is house of sand.

tyler, can u please post the recap for tomorrow before the day even starts just to show what a farce the market has become?

no matter what data comes out overnight or in the morning, no matter how much futures decline tonight if they do, at the end of fridays trading session, we all know the dow , s&p and nasdaq will be up substantially.

And STILL a screaming deal at 2 dollars under the average cost of production per ounce...and no virtual, crypto, sasquatchy, is it real or not, Mt. Gox bullshit to deal with. Just take a nice drive down to your friendly neighborhood LCS and get you a nice shiny roll of sweet silver phyzz!

LONDON, Feb 20 (Reuters) - The top five recipients of Swiss gold exports in January were in Asia, with Hong Kong the top destination for shipments out of Europe's leading refining centre, data from the Swiss customs office showed on Thursday.

Hong Kong received 3.073 billion Swiss francs' ($3.5 billion) worth of gold last month, or 44.3 percent of total exports by value, the data showed. India, Singapore, the United Arab Emirates and China made up the rest of the top five destinations.

The main source of Swiss gold imports was the United Kingdom, which accounted for 60 percent of gold imports by value. London is a major vaulting centre for investment-grade bullion, which was sold heavily last year.

Separate Swiss customs data showed gold flows into and out of Switzerland jumped last year, in what analysts say is likely to be the latest evidence of metal moving from U.S. and European investment funds to Asian consumers.

Exports of the metal from Switzerland jumped 77 percent to 2,777.14 tonnes last year, the data showed, while imports climbed by more than a third to 3,060.66 tonnes.

Investors last year liquidated 881 tonnes of gold from exchange-traded funds, which issue securities backed by physical metal, according to World Gold Council and Thomson Reuters GFMS data released earlier this week.